The Federal Accounts Allocation Committee has announced the distribution of N1.2 trillion in revenue for August 2024 to the Federal Government, states, and Local Government councils in Nigeria.
This revelation was made at the September 2024 FAAC meeting in Abuja, according to the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
The total revenue shared, N1.203 trillion, represents an 11% decrease from the N1.358 trillion distributed in July. Breaking down the revenue, we see that it comprises statutory revenue of N186.636 billion, Value Added Tax revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.02 billion, and Exchange Difference revenue of N468.25 billion.
As stated in the official announcement, “A total sum of N1.203tn August 2024 Federation Accounts Revenue has been shared to the Federal Government, states and Local Government councils in the country.”
The Federal Government received N374.93 billion, while state governments got N422.86 billion. Local Government councils received N306.53 billion, and benefiting states received N99.47 billion as derivation revenue, which is 13% of mineral revenue.
Interestingly, the gross statutory revenue for August 2024 was N1.22 trillion, a decrease of N165.99 billion from July’s N1.39 trillion. Similarly, Value Added Tax revenue declined by N51.99 billion, from N625.33 billion in July to N573.34 billion in August, as per the communique.
